(1) Every person who is a workman within the meaning of the 14 of 1947.
Industrial Disputes Act, 1947, and has been, immediately before the appointed day, in the employment of the company shall, on and from the appointed day, be deemed to be reappointed as an employee of the State Government or, as the case may be, of the corporation in which the undertaking may be vested by an order under sub-section (1) of section 6 and shall hold office on the same terms and conditions and with the same rights to pay, gratuity and other matters as would have been admissible to him if the undertaking of the company had not been vested in the State Government or in such corporation, as the case may be, and continue to do so unless and until his employment is duly terminated or until his remuneration, terms and conditions of employment are duly altered by the State Government or such corporation, as the case may be.
(2) The State Government or the corporation may employ, on mutually acceptable terms and conditions, any person who is not a workman within the meaning of the Industrial Disputes Act, 1947 and who has been, immediately before the appointed day, in the employment of the company, and on such employment the said person shall become 174 The Basu ati Private Limited (Acquisition of Undertaking) Act, 1974.
XXXV of 1974.]
(Sections 8-10.)
an employee of the State Government or such corporation, as the case may be.
(3) Save as otherwise provided in sub-sections (1) and (2), the services of any or every person employed in the company before the appointed day shall stand terminated on and from the appointed day.
8. For the vesting of the properties of the undertaking in the State Government under section 3, there shall be paid by the State Government to the owners of such properties and to the persons having any interest therein an amount of rupees two lakhs and sixty thousand.